Comprehensive Annual Financial Report (CAFR) - Johnson City

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CITY OF JOHNSON CITY, TENNESSEENOTES TO THE FINANCIAL STATEMENTS. For the Fiscal Year Ended June 30, 20114. DETAILED NOTES ON ALL FUNDS (CONTINUED):F. Long-Term Debt (continued):Business-Type Activities (continued):Bonds Payable (continued):Power Board Electric System Revenue Bonds, Series 2008, issued June 30, 2008 debt servicerequirements to maturity in 2033 are as follows:Fiscal YearEnding June 30 Principal Interest Total2012 $ 750,000 1,221,037 1,971,0372013 775,000 1,191,038 1,966,0382014 810,000 1,160,038 1,970,0382015 840,000 1,127,637 1,967,6372016 875,000 1,094,038 1,969,0382017-2021 4,935,000 4,908,900 9,843,9002022-2026 6,130,000 3,711,663 9,841,6632027-2031 7,800,000 2,043,025 9,843,0252032-2033 3,675,000 263,863 3,938,863$ 26,590,000 16,721,239 43,311,239Total annual debt service requirements to maturity for business-type activities revenuebonds are as follows:Fiscal YearEnding June 30 Principal Interest Total2012 $ 4,070,000 2,843,832 6,913,8322013 4,240,000 2,671,163 6,911,1632014 4,420,000 2,490,851 6,910,8512015 4,605,000 2,302,462 6,907,4622016 4,135,000 2,106,150 6,241,1502017-2021 14,020,000 8,266,101 22,286,1012022-2026 11,455,000 5,229,313 16,684,3132027-2031 11,345,000 2,683,025 14,028,0252032-2033 4,475,000 297,863 4,772,863$ 62,765,000 28,890,760 91,655,76095
CITY OF JOHNSON CITY, TENNESSEENOTES TO THE FINANCIAL STATEMENTSFor the Fiscal Year Ended Jnne 30,20114. DETAILED NOTES ON ALL FUNDS (CONTINUED):F. Long-Term Debt (continued):Current Refunding:The City refunded certain portions of its Educational Facilities Debt in the current year. OnDecember 29, 2010, the City refunded some of its outstanding Local Government PublicImprovement Bonds, Series V-K-1, dated March 12, 2009 totaling $28,485,000, carrying aninterest rate of 4.53% and General Obligation 2010 Refunding Bonds dated April29, 2010 totaling$1,660,000 with Local Government Public Improvement Bonds, Series VII-I-1 totaling$27,945,000. The new bonds were issued to retire the refunded bonds as they came due in thecurrent fiscal year. The bonds continue the insured interest rate swap agreement that th~ Cityalready had in place and which projected an effective fixed rate swap of 5.00%. The syntheticfixed rate was created by entering into a variable-to-fixed interest rate swap agreement inconjunction with the variable interest rate loan agreement, as further described in Note 4A. TheCity is aware of the risks associated with interest rate agreements and believes its analysis supportsthe benefits outweigh those risks.All issuance costs ofthe·transaction of$215,445 were paid from bond proceeds. The net proceedsof $27,729,555 were used to pay off the Educational Facilities Debt portion of the outstandingSeries V-K-1 debt of $25,535,000 and the General Obligation 2010 Refunding Bonds debt of$1,620,000.On February 3, 2011, the City refunded the remainder of the Series V-K-1 debt and a portion ofthe Sales Tax and Refunding Bonds, Series 1997 with Local Government Improvement Bonds,Series VII-J-1, totaling $7,545,000. All issuance costs of the transaction of $74,955 were paidfrom the bond proceeds. The net proceeds of $7,470,045 were used to pay $2,685,000 of theSeries V-K-1 debt which was to be repaid through Governmental Activities and $2,950,000 oftheSeries V-K-1 debt which was Educational Facilities Debt and $1,634,237 of the Sales Tax andRefunding Bonds, Series 1997 which was also Educational Facilities Debt. All of the refundeddebt was completely paid out by March of 2011.Advanced Refunding-Prior Years:The City has defeased certain general obligation and other bonds by placing the proceeds of thenew bonds in an irrevocable trust to provide for future debt service payments on the old bonds.Accordingly, the trust account assets and the liability for the defeased bonds are not included inthe City's financial statements. On June 30, 2011, the following bonds outstanding are considereddefeased:YearRefundedBalanceJune 30,2011General Obligation PublicImprovement Bonds and Water andSewer Revenue and Tax Bonds1998$ 14,475,00096
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Budgeting Controls. In addition, th
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Comprehensive Annual Financial Report (CAFR) - Johnson City

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